Download - PeopleKeep Small Business Solution
Core Problem
Traditional employee benefits are false. They promise critical consumer services, but limit choice and portability.
true: Medical debt is #1 cause for personal bankruptcy in the United States
Related Problem
Small businesses can’t compete. We are avoiding traditional employee benefit providers due to cost.
true: Today, less than 50% of small businesses offer health insurance
Sources: U.S. News and World Report “Why Small Businesses Don't Offer Retirement Plans - Money“; Kaiser, Employer Health Benefits Annual Survey
Growing Problem
true: Employer-provided health insurance costs have nearly tripled since 2000.
Source: Kaiser, Employer Health Benefits Annual Survey
The cost of traditional health benefits is rising, making them even harder for small businesses to offer.
Growing Pain
true: 56% of small businesses complain of losing quality employee candidates as a result of rising health benefits costs.
true: 87% of small businesses have had to contend with an increase in health insurance premiums by at least 25% since 2014.
Source: The National Federation of Independent Business (NFIB)
Emerging Opportunity
true: Individual coverage offers comparable benefits at a much lower cost.
Individual health insurance has drastically improved, creating a valuable opportunity for consumers.
Sources: Kaiser/HRET Survey of Employer-Sponsored Health Benefits, 2015; Kaiser Health Insurance Marketplace Calculator, 2016—Individual average based on Male, Age 40, non-smoker, family with 2 children. Subsidy average based on income 255% of federal poverty level. All averages based on Silver-level plan.
SolutionPeopleKeep harnesses this opportunity by consumerizing employee benefits
A true benefit to employees:• Unlimited choice in public markets
• Employer-funded, employee-owned
• Better value than cash
A true benefit to small business:• Maximum employee satisfaction
• Fixed, predictable costs
• Automated and out of sight